Daily
Report urges end to brokers' role in building compensation scheme
15 December 2020
A final report on the NSW Home Building Compensation Fund has stuck to its initial recommendation of ending the mandatory use of brokers, despite objections from stakeholders who say the proposed change could backfire...
Frozen out: alpine resorts hit by spiralling premiums
11 December 2020
Alpine resort operators have criticised insurers for imposing huge rate increases or abandoning the sector altogether, as underwriters react to last year’s Black Summer of devastating bushfires...
Report flags concern over broker add-on sales tactics
11 December 2020
An independent report released today has highlighted concerns that some brokers who sell add-on insurance products are employing sales practices that don’t always prioritise their clients’ needs, potentially harming the broking industry’s reputation...
ASIC releases guide for 'game changer' product rules
11 December 2020
The Australian Securities and Investments Commission has released its regulatory guide on the complex product design and distribution obligations following further consultations this year...
Travellers win COVID claim disputes as AFCA overrules exclusions
11 December 2020
Two travel insurance claims for trips interrupted by the COVID-19 pandemic have been upheld during disputes heard by the Australian Financial Complaints Authority...
Ombudsman seeks political unity on 'critical' insurance reform
10 December 2020
Australian Small Business and Family Enterprise Ombudsman Kate Carnell has warned politicising the findings of her insurance inquiry risks hindering resolution of a market failure problem that is devastating firms...
ARPC head sees pandemic role for pools
10 December 2020
Australian Reinsurance Pool Corporation CEO Christopher Wallace has flagged that terrorism pools could be well placed to extend their expertise to pandemics given the events have characteristics in common...
ICA pledges to 'bring Hayne reforms to life'
10 December 2020
The Insurance Council of Australia has welcomed today’s passage of the Financial Sector Reform Bill 2020 through Parliament...
Motorist loses claim dispute after woman steals car during test drive
10 December 2020
A man who lodged a claim for the theft of his car while it was out on a test drive with an unaccompanied prospective buyer has lost his dispute with Suncorp...
Ombudsman proposes action on insurance 'national crisis'
09 December 2020
The Australian Reinsurance Pool Corporation’s role should be extended to natural disasters and broker conflicted remuneration should be banned as part of measures to address an insurance “national crisis”, a small business ombudsman inquiry has recommended...
Industry set for challenging year after 50% profit drop: KPMG
09 December 2020
Next year could be just as tough for the general insurance industry, which has seen profits crash by almost 50% to a near 10-year low of $2.3 billion, KPMG says in a new report today...
Insurer liable for art destroyed by bushfire, despite exclusion
09 December 2020
A woman whose valuable art collection was destroyed when a bushfire changed direction and unexpectedly burnt down a property she had taken the paintings to for safekeeping has won a claim dispute...
INsight podcast ponders pending ACCC affordability report
09 December 2020
The Australian Competition and Consumer Commission has completed its third and final major report on insurance in northern Australia – but at this stage we can only speculate as to what it will recommend...
ICA pursues High Court appeal on BI exclusion
08 December 2020
The Insurance Council of Australia will seek leave from the High Court to appeal a decision that found business interruption exclusions citing the Quarantine Act are not valid in rejecting COVID-19 related claims...
D&O insurers engaging in 'opportunistic pricing': Marsh
08 December 2020
Insurers have compounded the hardening directors’ and officers’ rate environment by engaging in “opportunistic pricing” and offering little flexibility, leaving companies in a bind as premiums show no signs of easing in the foreseeable future, says Marsh...
Assetinsure CEO to resign after 17-year stint
08 December 2020
Assetinsure CEO Gregor Pfitzer will resign at the end of the month after 17 years with the insurer, which included a difficult period due to the financial troubles of former owner CBL...
Broker who misunderstood client must pay to cover claim
08 December 2020
Australian Broker Network was found to have breached its duty of care when it reduced the sum insured of a client’s business truck from $50,000 to $20,000, and must compensate the client who could not claim fully for the vehicle’s repair bill of $26,501.45...
Financial regulators watching BI outcomes 'closely'
04 December 2020
Australia’s financial regulation agencies say they are keeping a close eye on efforts to test the validity of business interruption insurance pandemic exclusions and have called on the industry to move as quickly as possible to resolve uncertainties...
La Nina claims 'manageable', analysts predict
04 December 2020
While La Nina this summer could lead to significant claims events, they should be “manageable” for general insurers, according to a note from advisory firm Bell Potter...
'Black Summer to black swan': APRA calls for risk model rethink
04 December 2020
Structural changes will persist post-COVID, requiring that insurers adjust their underwriting accordingly and scrutinise risk models, Australian Prudential Regulation Authority Chairman Wayne Byres says...